People's Pilot, Volume 4, Number 26, Rensselaer, Jasper County, 14 December 1894 — THE GOLD SUPPLY. [ARTICLE]

THE GOLD SUPPLY.

Where the Precious Metal Is Held and Why This Country Cannot Retain It. This country cannot do anythingjto effectively protect its stock of gold. It is going, and it must go, steadily out all the time. The gold of the world, except ours, is pooled, and ours is being constantly drained back to the European pool. Of the world’s total stock of gold, estimated at about §36,000,000,000, §30,000,000,000 is held in Europe and the United States. Just look and see how that §30,000,000,000 of gold is tied up. Russia’s war chest holds §550,000,000 of it For circulation and trade purposes it might as well be non-existent. Austria has another §150,000,000 of it locked up in her treasury. France holds §900,000,000 of it, and it cannot be got away from her, because she has §700,000,000 of silver in circulation, and makes every dollar of it full legal tender for all obligations; and it is not redeemable in gold. England has about §450,000,000 of gold. She draws, so Gladstone says, about §500,000.000 of gold every year from the rest of the world for interest on her loaned money. And from time to time her great bank raises the rate of interest so as to prevent her gold from running out of her vaults. The gold in this country is not over §400,000,000, though the gold-standard camp pretends to say it is much more. And by season of our increased imports, the falling values of our exports, the drain on us for interest, and the treasury’s fatal policy of redeeming all our silver circulation in gold, we cannot hope to keep our stock of the yellow metal except from buying it back from time to time from the European gold poolers.—N. Y. Recorder.